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Do I Need To Have This Info When I File Taxes?

Posted by on Jan. 15, 2012 at 10:45 AM
  • 8 Replies

I took out some loans and grants this year to go back to school.

I no longer go to school, but I think I remember them saying something about something they will send me at the end of the year. I don't remember what they said it was or if they said I will need it for taxes.

Out of the loans/grants, I only recieved one stipend of about $650 and I don't think they took taxes out of that.

Anyone know?

by on Jan. 15, 2012 at 10:45 AM
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Replies (1-8):
carterscutie85
by *Shanny's Stalker* on Jan. 15, 2012 at 11:08 AM

bump

Vsoul0608
by on Jan. 15, 2012 at 11:10 AM
let me ask my mom real quick. she's an accountant and does taxes for our whole family.
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ljpaszek
by on Jan. 15, 2012 at 11:10 AM
You should get a t1098 from your school for taxes. Has to be included
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Pnukey
by on Jan. 15, 2012 at 11:10 AM

They will send you a 1099. You do need this info for taxes. They have until Jan 31 to send them out, so hang in there a bit.

Vsoul0608
by on Jan. 15, 2012 at 11:16 AM
This what she said "when you take out a student loan you have 6 months after you top going to school to start paying it back. once you start paying it back it wil gain interest which is considered income. The interest is what you have to claim in your taxes. If you are paying on the loan you will get a paper from whoever the loan is through that you need for your taxes. If you have not started paying it back then no there is nothing to claim on your taxes.'

hope that helps!
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carterscutie85
by *Shanny's Stalker* on Jan. 15, 2012 at 11:20 AM

Thanks. It's only been a couple months since I took them out. I have not recieved anything to start paying it back yet though.

Quoting Vsoul0608:

This what she said "when you take out a student loan you have 6 months after you top going to school to start paying it back. once you start paying it back it wil gain interest which is considered income. The interest is what you have to claim in your taxes. If you are paying on the loan you will get a paper from whoever the loan is through that you need for your taxes. If you have not started paying it back then no there is nothing to claim on your taxes.'

hope that helps!


Vsoul0608
by on Jan. 15, 2012 at 11:22 AM
Then you don't have to claim anything on your taxes then. Your welcome!


Quoting carterscutie85:

Thanks. It's only been a couple months since I took them out. I have not recieved anything to start paying it back yet though.

Quoting Vsoul0608:

This what she said "when you take out a student loan you have 6 months after you top going to school to start paying it back. once you start paying it back it wil gain interest which is considered income. The interest is what you have to claim in your taxes. If you are paying on the loan you will get a paper from whoever the loan is through that you need for your taxes. If you have not started paying it back then no there is nothing to claim on your taxes.'



hope that helps!



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AngelMama6203
by on Jan. 15, 2012 at 11:47 AM

If you paid tuition to a school, you will get a 1098-T. You can use this to get education credits on your taxes. I haven't looked at this year's tax updates yet, but for the last 2 years I was able to get both a refundable credit and a non-refundable credit (directly reducing the tax we owed).

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